Objective

Current income and long-term capital appreciation

Strategy

Uses top down macroeconomic analysis, along with fundamental industry and company research, to capture inefficiencies in the valuation of sectors and individual securities; this is combined with duration management (+/– 2.5 years of the benchmark) in pursuit of above-benchmark returns over a full market cycle

Fund Facts
Asset Manager
  • Brandywine Global Investment Management(Since 2/28/2019)
  • Longfellow Investment Management(Since 5/1/13)
Benchmark Bloomberg Barclays 1-5 Year Government/Credit
Fund Inception Date Class A & Class B: May 1, 2013
Mimimum Investment Class A: No minimum; Class B: $5 million
Expense Ratio Class A: 0.54%; Class B: 0.39%

Annual Average Total Returns
(%) as of 06/30/2019

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Opportunistic Bond Fund Class A 1.83 4.66 2.05 1.97 *
CUIT Opportunistic Bond Fund Class B 1.83 4.83 2.20 2.12 *
Bloomberg Barclays 1-5 Year US Government/Credit Index 1.92 5.34 1.72 1.82 *
Calendar Year 2018 2017 2016 2015 2014 2013
CUIT Opportunistic Bond Fund Class A 0.82 1.63 2.54 0.98 1.23 *
CUIT Opportunistic Bond Fund Class B 0.96 1.78 2.69 1.23 1.27 *
Bloomberg Barclays 1-5 Year US Government/Credit Index 1.38 1.27 1.56 0.97 1.42 *

Characteristics as of 06/30/2019

Statistics Fund Index
Average Maturity (Yrs) 3.5 2.8
Effective Duration (Yrs) 2.6 2.6
Average Quality A+ AA
Yield-to-Maturity 2.7% 2.0%
Current Yield 3.3% 2.5%
# of Securities 299 2,945
Effective Duration Fund Index
< 1 Year 20.7 3.3
1 - 3 Years 42.3 59.8
3 - 5 Years 26.4 36.9
5-7 Years 5.3 0.0
7-10 Years 5.2 0.0
10-20 years 0.2 0.0
> 20 years 0.0 0.0
Market Sector Analysis Fund Index
Treasury and Gov’t Related 24.6 73.6
Corporate 36.6 26.4
MBS 3.7 0.0
CMBS 14.7 0.0
ABS 12.0 0.0
Merger/Arbitrage 7.8 0.0
Cash 0.6 0.0
Credit Quality Fund Index
AAA 44.3 71.2
AA 8.1 4.2
A 16.7 11.8
BBB 17.3 12.0
Below BBB 5.2 0.8
Merger/Arbitrage 7.8 0.0
Cash 0.6 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 1.1 1.4
Tracking Error 0.7 N/A
Sharpe Ratio 1.6 0.7
Information Ratio 1.1 N/A
Upside Capture 99.0 100.0
Downside Capture 30.8 100.0

Bond allocation for Fund Statistics, Effective Duration and Credit Quality exclude M&A.

  • Q2 2019 Performance Review

    12-Month Review

    • Shorter relative duration detracted from results.
    • Curve positioning was additive for the trailing period.
    • Sector allocation was the strongest contributor, as the Fund’s overweight to securitized and corporate areas delivered positive results. An underweight to Treasuries also benefitted results.
    • Security selection detracted from results, as Industrials and Financials underperformed.

    3-Month Review

    • The Fund’s shorter duration detracted from performance.
    • Yield curve positioning was flat for the period.
    • Sector allocation was the strongest contributor to results, as the Fund’s underweight to Treasuries and the spread tightening in Corporates positively impacted returns. Exposure to CMBS and Financials were key performers.
    • Security selection was slightly positive for the period.

    Current Positioning

    • Duration is flat relative to the benchmark.
    • Yield curve is positioned toward a slight flattening across the curve.
    • Sector exposure emphasizes Corporates and securitized areas, which is supported by a continued underweight to Treasuries.
    • The Fund’s allocation to high yield securities is predominately held in BB and B credit buckets.
  • Fund Fact Sheet

    PDF
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